Patrick Smith pays $5.4M for 37-unit walkup in East Flatbush

Patrick Smith through the entity 210 East 51st Street, LLC paid $5.4 million to Stanley Rosenberg through the entity 210 Properties Associates, LLC for 37-unit residential walkup building at 210 East 51st Street in East Flatbush, Brooklyn.
The deal closed on March 16, 2022 and was recorded on March 28, 2022.

The property has 31,812 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $169 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Stanley Rosenberg was Stanley Rosenberg. The signatory for Patrick Smith was Patrick Smith.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Patrick Smith had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stanley Rosenberg had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Stanley Rosenberg, head officer and Joan Rosenberg, shareholder. The business entity is 210 Properties Associates, Llc. The 31,812-square-foot property generated revenue of $562,562 or $18 per square foot, according to the most recent income and expense figures.

The property

The 210 East 51st Street parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $300 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 220,904 square feet of built space are industrial buildings, with residential walkup buildings next occupying 33 percent of the space.

Surrounding

Within a 400-foot radius of 210 East 51st Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit application filed on May 12, 2021 for the $500,490 renovation of 5,838-square-foot R-2 building with eight residential units at 162 East 52nd Street.

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